The Dominican Republic has become the fifth country to approve the Central American Free Trade Agreement (CAFTA) after the lower house of the country's legislature voted overwhelming in favour of the free trade initiative.
The initiative sailed through the Dominican Republic's chamber of deputies in a 118-4 vote on Tuesday, following the Senate's approval of CAFTA on August 26.
In addition to the Dominican Republic, which was a late signatory to the pact, El Salvador, Guatemala, Honduras and the United States have now approved the trade deal. The agreement is due to go into effect on January 1.
Costa Rica and Nicaragua are now the only nations yet to ratify the agreement. In the case of Costa Rica, President Abel Pacheco has insisted that CAFTA can only be ratified once a controversial fiscal reform package has been passed by the legislature - much to the annoyance of the business lobby. Pacheco has also called upon a 'council of notables' to assess the impact that CAFTA will have on the Costa Rican economy.
CAFTA would immediately eliminate duties on more than half the value of US farm exports to the region, expand IP protections and open telecommunications and other markets.
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